Earnings (Loss) per Share

9 Months Ended

Sep. 27, 2014

Earnings Per Share [Abstract]

Earnings (Loss) per Share

Earnings (Loss) per Share

Basic earnings per share amounts are computed using the weighted average number of common shares outstanding during the period.  Diluted earnings per share amounts are computed using the weighted average number of common shares outstanding and dilutive potential common shares outstanding during each period.

The reconciliations between basic and diluted loss per share for the third quarter and nine months of 2014 and 2013 are as follows:

	Third quarter of				Nine Months of
	2014		2013		2014			2013
	(Dollar amounts in millions, except per share data)
Net earnings (loss)	$	4.6	$	4.2	$	(50.2	)	$	0.6
Weighted average common shares outstanding	15,671,819		15,386,600		15,576,327			15,361,118
Dilutive effect of common share equivalents	428,098		462,376		—			493,785
Dilutive shares outstanding	16,099,917		15,848,976		15,576,327			15,854,903
Basic earnings (loss) per share	$	0.29	$	0.27	$	(3.22	)	$	0.04
Diluted earnings (loss) per share	$	0.29	$	0.27	$	(3.22	)	$	0.04

The effect of certain potential common share equivalents, as outlined below, were excluded from the computation of diluted shares outstanding for the third quarter and nine months of 2014 and 2013 as their inclusion would have been anti-dilutive. Restricted stock awards which vest based upon achievement of performance targets were excluded from the diluted shares outstanding as the performance targets had not been met as of the end of the nine months of 2014 and 2013.

A summary of the weighted average anti-dilutive shares excluded from the third quarter and nine months of 2014 and 2013 is as follows:

	Third quarter of		Nine Months of
	2014	2013	2014	2013
Warrants	—	—	576,615	—
Restricted stock	281,018	356,397	411,378	359,430
Stock options	139,699	122,771	619,676	108,163
Total	420,717	479,168	1,607,669	467,593